The S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is racing higher. In afternoon trade, the benchmark index is up 2.6% to 7,145.9 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Accent Group Ltd (ASX: AX1)
The Accent share price is up over 12% to $1.69. This morning this footwear retailer released a trading update and revealed a 52% increase in total group owned sales for the first 18 weeks of the financial year. Accent also reported a 570 basis points increase in its gross margin over the period.
Block Inc (ASX: SQ2)
The Block share price is up 12% to $101.49. This follows a very strong showing for the payment company's NYSE listed shares on Thursday night. Block's shares rose 18% on Wall Street after investors flooded back into the tech sector amid hopes that inflation could now be peaking. The market appears hopeful that this could lead to the US Federal Reserve slowing its interest rate hikes.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is up 4% to $5.68. This appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has upgraded this agricultural chemicals company's shares to an outperform rating with a $6.85 price target. This implies potential upside of 20% from current levels.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 20% to 75 cents. Investors have been buying Zip and other ASX tech shares today following the softer inflation reading in the United States. The gains have been so strong in the sector that the S&P/ASX All Technology Index has risen almost 5% today.
